Opportunities don’t just fall out of nowhere. We have to put ourselves in the right position to know about them.
The same thing goes for real estate investing deals. You won’t know you’re in a good deal unless you know which of the following signs to look for.
According to Winston Deloney, they’re not hard to spot, you just have watch out for some red flags and be sure to act when you see them.
1. A motivated seller
If the seller is seriously motivated to sell, you’re not going to find a better deal. Most of the time, sellers are going to be willing to take a lighter price as long as they don’t have to worry about making repairs and finding new tenants.
If you can help them out, then that’s a win for both of you.
2. A well-maintained property
You want to see a property that has been renovated over the past year or two. This means that it has been repaired and maintained typically with the help of the landlord.
Renovating and repairing the property is a sign of pride for the landlord, showing their commitment to their investment.
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3. Check Out Online Marketplaces for Real Estate Investors
You can find out a lot about the neighborhood by checking out online marketplaces. This means that there’s a lot of information about the area.
You’ll know if people are buying in the neighborhood and if there are any areas that may be worth investing in. You’ll also be able to compare the prices and see whether they’re indeed worthwhile deals.
4. Watch for Online Ads
Online ads aren’t just going to be about the property itself. You’ll also see ads for properties that are in the same area.
This information is valuable because it gives you a good idea about what other sellers might be charging for their properties. That way, you can tell if the seller who’s offering you a deal is undercharging or overcharging for their property.
5. Ask for referrals from other investors
If you want to get ahead of the competition, then you should ask around about real estate investing deals. This means that you’ll have a lot of information and advice from other people who know what they’re doing.
Keep in mind that any deal that doesn’t meet your standards isn’t going to help you climb the ladder as an investor.
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6. Look for Abandoned Properties
One sign of a good deal is an abandoned property. This means that the owner has already moved on. You’ll be able to get the property for much, much less than market value if you can make a deal with the bank who owns it.
Signs of an abandoned property are overflowing mailboxes, mail piled up on the porch, and litter around the property.
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7. Arrange a Timely Inspection
One of the best ways for you to make sure that they’re offering you a good deal on their property is by setting up an inspection in advance. This means that you can see the property, talk to the seller, and speak with the bank at the same time.
This is invaluable information from Winston Deloney because it gives you a chance to have a real understanding of how much money you’re going to be spending on renovations and repairs.